As a seasoned analyst with years of experience in the volatile world of cryptocurrencies, I have witnessed market fluctuations that would make even the most hardened investor question their sanity. Today, I find myself analyzing the XRP/USD pair, which, although showing some green on the broader market, is still giving me pause for thought.
Most of the coins are coming back to the green zone, according to CoinMarketCap.
XRP/USD
The rate of XRP has fallen by 0.32% over the last 24 hours.
On an hourly timeframe, the value of XRP is approaching its nearby resistance level more closely than its support. Should buying momentum persist until the close of trading, it’s likely we’ll witness a breakthrough of this level, leading to potential movement towards the $0.55 price range.
On the bigger time frame, traders should pay attention to the $0.5445 level.
If the day’s candlestick ends above its current level and has a short wick, there could be sufficient momentum for a potential price rise towards the $0.56 – $0.57 range in the near future.
Looking at things from my perspective as a crypto investor, it seems that XRP isn’t showing signs of a significant rebound just yet. If the week ends with the price hovering around the support level of $0.5026, there’s a possibility that we might see a deeper decline towards the $0.48-$0.49 range before the month is out.
XRP is trading at $0.537 at press time.
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2024-10-11 18:39